It would appear that the Americans are still slightly ahead of us in designing yachts for speed, but they are not nearly as far ahead of us as they were forty years ago. I remember the first time the 'America' sailed at Cowes in 1851. I could not believe my eyes. It was blowing a stiff breeze, and whilst all the other schooners were laying over ten or twelve degrees, she was sailing perfectly upright, and going five knots to their four. It was a revelation--how does she do it? was in everybody's mouth. Now we are much more on an equality. The 'Navahoe,' a beautiful vessel, one of the best, comes to England and is worsted: the 'Valkyrie,' a beautiful vessel, also one of the best, goes over to America and is worsted. The moral I think is 'race at home in your own waters.' I do not believe much in international contests of any kind, gravely doubting whether they do much to promote international amity. It is a familiar sight to see H.R.H. the Prince of Wales taking part in yacht racing, but 1893 was the first occasion, in an English yacht race at any rate, that the Kaiser donned his flannels and joined personally in the contest. I suppose there is no monarch who is so dosed with ceremony and etiquette as the Emperor of Germany. What a relief, therefore, it must be to him to put aside the cares of monarchy for a whole week, and sit for hours in two or three inches of water, hauling away at the mainsheet as if his life depended on it, happy as the traditional king, if, when he has gone about, he finds he has gained six feet on his rival! But beyond all this--the heartiness, the equality, the good feeling, the absorbing interest that attends yacht racing and yacht cruising--there are some very interesting questions that suggest themselves in connection with the great increase of speed lately developed by the new type of racing yachts. There is no doubt whatever that whereas the Pleasure Fleet of England is progressing and improving every year, and is a subject of congratulation to everyone concerned with it--designers, builders, and sailors--the Business Fleet, the Royal Navy, is the very reverse: not only has it not improved, but it appears to have been going steadily the wrong road; and instead of being a joy to designers and sailors, it is confusion to the former, and something very like dismay to the latter. In James I.'s time the fleet was not held in very high estimation. It was said of it that 'first it went to Gravesend, then to Land's End, and then to No End,' and really that appears to be its condition now. Whilst yachts are developing all the perfections of the sailing ship, our ironclads seem to be developing most of the imperfections of the steamship.